House prices fall across England

House price falls became yet more widespread in September, according to the latest data at the RICS.

Its monthly survey showed a balance of 36% more surveyors reported price falls than price increases, down from a net balance of -32 in August. In addition 41% more surveyors expected to see price falls in the coming months, up from a balance of 38.

This happened as the balance of new buyer enquiries continued to edge downwards, at -2, while the number of homes coming on to the market spiked upwards, to a balance of 22, up from 12.

The only region to show a balance of price rises was Scotland, with strongly negative balance reported even in London and the South East.the worst performing region was the East Midlands.

The figures are the latest negative data to hit the housing market, following on from the 3.6% month on month fall reported by the Halifax last week, and internal data from the Home Builders’ Federation, reported by Building, indicating weak sales in September.

RICS said that the number of sales per surveyor remained stable at 16.7.

RICS spokesperson, Ian Perry said it was very much a buyer’s market. He said: “The fresh influx of property to the market combined with a lack of buyers remains the key problem affecting the sector. First time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder. Without sufficient demand property prices continue to slip back. However, vendors who are prepared to be realistic with pricing are still able to achieve a sale.”